Chevron Pours $7B Into Venezuela to Double Oil Production Following Regime Change

Chevron $CVX is committing more than $7B to Venezuelan operations through 2031 to double its oil extraction to roughly 600,000 barrels per day. The oil giant secured improved fiscal and commercial terms alongside new acreage in the Orinoco Belt, keeping total production costs strictly below $20 per barrel. Chevron increased its stake in the Petroindependencia joint venture to 49% in April and gained development rights to the adjacent Ayacucho 8 area. The company's three Venezuelan joint ventures have already boosted production by 15% this year, with current output of about 290,000 bpd flowing entirely to the United States. ExxonMobil and ConocoPhillips have yet to return to the country after their regional assets were nationalized under Hugo Chávez in 2007.